How to Calculate Taxes for Hobby Expenses & Income

If a hobby results in someone making money, the IRS requires that income to be reported unless the hobby costs more than the income received. Calculate taxes for hobby expenses and income, if the hobby shows a profit, with tips from an accountant in this free video on taxes and finances.

About the Author

Doretha "Faye" Jones has an MBA and over 20 years of accounting experience in addition to experience at Sarbanes Oxley audit support. Jones works with businesses and their valued employees to spot problem areas and implement a plan to address those issues within the unique budgets and time constraints of the business.